Oversold shares of Nike (NKE) are starting to pivot higher.

After catching support around $60, it’s also starting to pivot from overextensions in RSI, MACD, and Williams’ %R. From its last traded price of $64.20, we’d like to see Nike closer to $70 initially.

Analysts at Bank of America just reiterated a buy rating on Nike. The firm says the recent pullback since first-quarter earnings offers an attractive opportunity, especially with the firm seeing a path toward improvement in sales and margins. At the moment, NKE trades at $60 a share after the company’s forecast for another quarter of negative growth. 

As noted by analysts at Needham after earnings, “NKE continues to make progress on their turnaround, with a significant QoQ acceleration in top-line trends and improvement in key focus areas of the business,” as quoted by Seeking Alpha.

Sincerely,

Ian Cooper